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To: Larry S. who wrote (39768)	5/21/2002 3:04:12 PM
From: Mark Adams	Respond to of 53068

Thanx for the caveat emptor. I put it on the watch list when joe mentioned it, thinking I'd trade out of the common into it but haven't yet studied it. That is why I was looking for a site with decent info on these types of issues. Preferred and Debt are much more unique than common, hence there is likely much value possible if someone took the time to study them and start a newsletter. Edit: Not fully studying the sec filing yet, but it looks like it's just the opposite. Sounds like owners of the units are obligated to buy common. Each unit of Adjustable Convertible Trust Securities consists of a purchase contract for not more than 1.2121 shares of our common stock and a preferred security of CMS Energy Trust II, a Delaware business trust. - - Each unit obligates the holder to purchase from us not more than 1.2121 and not less than 0.7830 shares, based on the average trading price of our common stock during a 20-day period ending before July 1, 2002. - - The trust will use the proceeds from the sale of the trust preferred securities to buy our 8.625% subordinated deferrable debentures due 2004. - - The trust preferred securities will mature on July 1, 2004.

To: Larry S. who wrote (39768)	5/21/2002 3:21:33 PM
From: Joe Stocks	Read Replies (1) \| Respond to of 53068

CMP- Read this and this statement concerns me about holding CMP..... RISK OF DECLINE IN EQUITY VALUE The market value of the common stock that will be received upon settlement of the purchase contracts may be materially different from the price you are required to pay for such common stock as established at the time of this offering. If the applicable market value of the common stock on the stock purchase date is less than the floor price (that is, less than $34.24, or 82.5% of the closing price of the common stock on the date of this prospectus supplement), you will, on the stock purchase date, be required to purchase our shares of common stock for an amount in excess of the value of those shares. Accordingly, you, as a holder of units, assume the risk that the market value of our common stock may decline below the floor price. Any such decline could be substantial. See "Prospectus Supplement-Summary-The Offering- Settlement Rate" for a tabular presentation of the settlement rate and the approximate market value of our common stock receivable upon settlement of the units at certain assumed applicable market values.<<<